CORE REGIME — AI-led risk-on: SPX +1.5%, NQ +2.9%, WTI -4.3%, DXY +0.2%. AUD is strongest at +3; NQ +2; USD and ES +1. CHF -3 and CAD -2 are weakest. Diplomacy lowered the oil premium without securing Hormuz or the Red Sea. Bullock, Lagarde and Fed speakers are today's main policy tests.
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